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Texas  + Retail  | 

Hanley Achieves Cap Rate Low for Richmond Car Wash

Hanley Investment Group Real Estate Advisors arranged the pre-sale of a new-construction, single-tenant Quick Quack Car Wash in the Houston metro area. The sale represents a cap rate of 5.39%, reportedly a record-low for an express car wash net-lease transaction outside of California.

Hanley VP Austin Blodgett, in association with ParaSell, Inc., represented the seller, Read King Commercial, based in Houston. The buyer, a private investor based in California, was represented by Jason Hernandez of Marcus & Millichap in San Francisco. This is Blodgett’s eighth express car wash sale in the last eight months. 

Expected to open in November, Quick Quack Car Wash is located within the brand-new Waterview Town Center at 19311 W. Bellfort Blvd. in Richmond. Blodgett said, “All of the buyers that inquired on this property were immediately drawn in by the location of this shopping center, and the affluence of the surrounding neighborhoods.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Lease
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